LTC is proving a little hard to read these days as the Chinese markets have turned the value of LTC in to more of a game than value based on either its fundamentals which are admittedly weak or it's traditional role of playing second value to BTC. For traders the volatility is a boon, giving greater opportunity in the swings than BTC currently is.
With the 8USD spike proving more an anomaly than a trend, it's hard to forecast using fibs, so to be a little bit more conservative, I think it's just a safer idea to try and understand what historical areas of support and resistance give a hint of where we might go.
Since the crash from 8 down, it would seem on the face of it, we are hanging around the area of 3.4 to 4 which was a substantial area of support last October on the way down. The current picture suggests this will hold unless there is a return to the bear trend we have experienced in the last year. Based on BTC, I doubt this will happen as LTC loves to ride its coat-tails and no serious hint of a diversion has happened yet.
Forecast from here, breaking 5USD seems to be the short term barrier, I don't think we'll be flying past 8USD too fast unless another Chinese challenger appears. There seems to be a danger that BTC might go sideways instead of following its recent upward impulse as markets love to disappoint, and should this be the case, there's a strong likelihood of LTC ranging in the 4 to 5 USD region sometimes testing the 3.4 support. Not a bad place to be if you have a good system to trade the range....good luck should you do so.
With the 8USD spike proving more an anomaly than a trend, it's hard to forecast using fibs, so to be a little bit more conservative, I think it's just a safer idea to try and understand what historical areas of support and resistance give a hint of where we might go.
Since the crash from 8 down, it would seem on the face of it, we are hanging around the area of 3.4 to 4 which was a substantial area of support last October on the way down. The current picture suggests this will hold unless there is a return to the bear trend we have experienced in the last year. Based on BTC, I doubt this will happen as LTC loves to ride its coat-tails and no serious hint of a diversion has happened yet.
Forecast from here, breaking 5USD seems to be the short term barrier, I don't think we'll be flying past 8USD too fast unless another Chinese challenger appears. There seems to be a danger that BTC might go sideways instead of following its recent upward impulse as markets love to disappoint, and should this be the case, there's a strong likelihood of LTC ranging in the 4 to 5 USD region sometimes testing the 3.4 support. Not a bad place to be if you have a good system to trade the range....good luck should you do so.
